Nordex's turnaround reached a €9M 2024 net profit after 2022's €498M loss

Nordex, one of the world's largest wind turbine makers, lost €498M net in 2022 with EBITDA of -€244M, hurt by component cost inflation, logistics and the costly ramp-up of its Delta4000 platform.

Under CEO José Luis Blanco, the group imposed price and cost discipline, strengthened the balance sheet (shareholder loans converted to equity, a convertible bond) and kept winning orders — 2023 EBITDA reached break-even and the order book grew to €10.5B.

The 2024 annual results show sales of €7.3B (+12.5%), EBITDA of €296M (4.1% margin), a positive net profit of €9M, record order intake of €7.5B and free cash flow of €271M.

2024 sales €7.3B (+12.5%), EBITDA €296M (4.1% margin) and a first net profit of €9M, versus 2022's €498M net loss; order intake hit a record €7.5B.

Price discipline stopped loss-making project orders.

The Delta4000 platform standardized and derisked production.

Balance-sheet repair cut interest and covenant pressure.

Record order intake converted into higher-margin deliveries.

For a project business, the turnaround is price and delivery discipline: stop bidding below cost, fix the platform ramp-up, repair the balance sheet, and let backlog convert into margin.

Nordex guided 2025 to an EBITDA margin of 5-7% and reiterated its 8% medium-term target, with an order book of €12.8B. The 2022-2024 swing shows a wind OEM can recover profitability through operational discipline rather than waiting for the market.